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MENAFN - AFP - 27/03/2013

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(MENAFN - AFP) Lloyd's of London, the insurance market, said Wednesday that it returned to profit last year, brushing off massive claims for damage caused by Superstorm Sandy.Lloyd's said it posted a pre-tax profit of 2.77 billion (4.18 billion, 3.28 billion euros) in 2012 after a loss of 516 million in 2011 -- which it added was the costliest year on record for natural disasters."The Lloyd's market has posted a strong result, despite incurring 10 billion of total net claims in 2012, including Superstorm Sandy," Lloyd's chief executive Richard Ward said in an earnings statement.Claims for Sandy -- which ravaged the heavily populated US northeast coast in late October -- totalled 2.2 billion (1.7 billion euros) -- becoming one of the largest claims in Lloyd's 325 year history, it said.Lloyd's had in 2011 suffered its second-largest annual pre-tax loss -- at 516 million -- owing to record claims for catastrophes including earthquakes in Japan and New Zealand and floods in Australia and Thail

 






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